February 4, 2019 / 6:53 AM / a year ago

Australia bank inquiry does not recommend individual criminal charges

SYDNEY (Reuters) - A powerful public inquiry into Australia’s finance industry referred 24 instances of bad corporate behavior to regulators for possible prosecution but did not suggest any individuals be criminally prosecuted in its final report released on Monday.

The behavior included the widespread charging of fees for services not rendered.

The inquiry’s recommendations were released by the government after 11 months of revelations of financial wrongdoing which wiped A$60 billion ($43.45 billion) from the country’s top finance stocks.

Reporting by Tom Westbrook; Editing by Christopher Cushing

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